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USD weekly currency update- 3 March 2017

By Daily Market Brief - Fri 3rd Mar 2017

A week ago financial futures were pricing in a 30% chance that the Federal Reserve would increase its benchmark funds rate on 15 March. Today that likelihood is up to 90% following a string of senior Fed officials speaking out about the need for a rate hike "soon". The enhanced expectation helped the dollar into top position for the week. It took two thirds of a cent off the euro and went up by three cents against sterling, which only narrowly avoided last place.

The pound continued to swing between winning and losing days: in the last fortnight it has had five of the former and four of the latter, its moves driven predominantly by reversals in sentiment rather than hard economic data. In one case it was marked down after The Times wrote of the possibility that Scotland's first minister could call another independence referendum.

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